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Last Year

PDVSA's Oil Exports to Asia, Americas Fell in 2014

Venezuelan state oil company PDVSA's exports to Asia and the Americas fell last year though shipments to Europe increased, according to a preliminary government report issued this month.   The OPEC country's Oil Ministry did not explain the overall drop in exports in its report to Parliament, though ebbing oil output at mature fields and refinery problems towards the end of the year are likely to have crimped shipments.   Asia remained PDVSA's top market last year as Venezuela has sought to diversify away from North America, though shipments to Asia clocked a roughly 8.3 percent drop to 953,000 bpd.   Exports to North America fell about 4.8 percent to 837,000 bpd and those to Latin America dropped 8.5 percent to 418,000. European deliveries increased 11.9 percent to 132,000.   Exports to regional allies under favorable terms dropped last year, part of a trend of Venezuela cutting back on such deliveries amid a severe economic crisis at home.   Around 77,000 barrels per day were sent to key ally Cuba, the report said. It did not provide comparative data, but the figure suggests shipments to the Caribbean island have dropped significantly.   Likewise, exports under regional cooperation agreements such as Petrocaribe fell to 101,000 bpd last year from around 122,000 in 2013.  

Adani Ports profit up 16%

Adani & SEZ

  Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced a 16 per cent increase in its consolidated net profit to Rs. 667 crore for the second quarter on increased income from operations. “Consolidated PAT for Q2FY16 increased by 16 per cent to Rs. 667 crores as against Rs. 574 crores in Q2 FY15,” APSEZ spokesman said. It had reported net profit of Rs. 573

Romanian Yard To Cut Losses Ahead Of Sell-off

State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7

Asry Expects Operating Income to Hit $135m

Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.

Gulf Island Earnings Steady

Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.

Global Marine Reports Profit Slump

Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year

NNS Earnings Per Share Up 26 %

Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.

NOL Shares Down 6.8 Percent

Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of

China Shipbuilding Profit Jumps

According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said.   (SourceL Ebeling Heffernan)

Retail Imports Expected to Drop in February


Import volume at the nation’s major retail container ports is expected to drop 8.4 percent in February from the same time last year as the shipping cycle reaches its slowest month of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Ports and distribution centers are getting the break they deserve after the busy holiday season, but it won’t last long

Pressure on Container Market Akin to 2008 Recession: UASC

Photo: United Arab Shipping Company

 A marked drop in Asian imports to Europe, made worse by a strong dollar, has exacerbated the pressure on shipping lines already struggling with massive over capacity, Arabian Supply Chain quotes United Arab Shipping Company (UASC) as saying.  

ZIM Integrated Shipping Remains Profitable

Photo: ZIM Integrated Shipping Services

 Despite challenging market environment with freight rates reaching historic lows in several key trades,  ZIM Integrated Shipping Services continues to outperform the average adjusted EBIT margins in the Industry.   ZIM Integrated Shipping

PCC Fleet Gowth Decelerates

Graph: Clarksons Research

 Last year PCC (Pure Car Carrier, including Pure Car & Truck Carrier) sector demand growth appeared to have stalled, and the indicators suggest that there hasn’t been a significant acceleration this year, says Clarksons Research.  

Volvo Penta IPS for New Tampa Bay Pilot Boat

Photo: Volvo Penta

The new Chesapeake-class MKII launch delivered this month by Gladding-Hearn Shipbuilding to the Tampa Bay Pilots Association features integrated engine and drive from Volvo Penta.   The new 52.7-ft. 28-knot pilot boat, designed by C. Raymond Hunt Associates

Capacity Culls Insufficient to Reverse Rate Slump: Alphaliner

Graph: Alphaliner

 The idle containership fleet has reached its highest level in five years, with over 1 Mteu of vessel capacity currently unemployed.    Carriers are removing capacity on most main tradelanes in response to weak market demand

South Carolina Container Volume Up 7%

New economic study attributes 1 in 12 Midlands jobs to Port operations   The South Carolina Ports Authority announced a fiscal year-to-date container volume increase of seven percent, with 678,033 twenty-foot equivalent units (TEUs) handled since July.  

Star Bulk Carriers Sold Three Vessels in Q3

Pic by Star Bulk Carriers

 Star Bulk Carriers has sold three vessels during the third quarter, a modern Supramax and two 90s built Panamax says Petros Pappas, Chief Executive Officer.   Net sales proceeds for completed vessels sales were approximately $27.9 million in Q3 and we also received approximately $3

Tanker Rate Spike Dents Efforts to Store Oil Glut at Sea

Record high freight rates are creating more headaches for traders looking to house millions of barrels of unsold crude oil and who already face potential losses due to record high stocks.   They have to decide on whether to use tankers for longer term storage until they can sell their

CMA CGM Slowed by Rates, Sees 2016 Recovery

The containership CMA CGM Marco Polo underway (file image)

France's CMA CGM, the world's third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits.   The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk

P&O Maritime Rebranded Repasa

Vessels from the Repasa fleet in action. Courtesy DP World

  P&O Maritime has announced the rebranding of its joint venture company Repasa, the Spanish operator of offshore support vessels for the energy industry.   P&O Repasa will become the official brand of the joint venture which has expanded its fleet in the offshore towage

GBP1mln Grant to Create 100 Jobs at Ferguson Shipyard

Ferguson Marine. Photo by Clyde Blowers Capital

 The last commercial shipyard on the Clyde, Scotland, has secured grant to help safeguard 125 jobs and create a further 100. Ferguson shipyard has been awarded a £1m grant to refurbish its Port Glasgow premises and help fund new jobs.  

Pioneer Marine Plunges into Red Again, Cancels Ship Orders

Photo by Pioneer Marine Inc

 Singapore-based Pioneer Marine reported a $5.4m loss for the third quarter of 2015, about even with a $5m loss in the same quarter last year.  It canceled orders for three new ships as the bulk-ship operator coped with a steep decline in demand for commodities in China.  

North Group Increases Projected Free Reserve

Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million, an increase of 12 percent on last year and $20 million more than estimated at the half-year point.

Rolls-Royce Targets Costs and Complexity in Quest for Growth

Warren East (Photo: Rolls-Royce)

Rolls-Royce's new chief executive aims to strip out costs and complexity, rather than selling off chunks of the business, as he seeks to return the British engine company to growth.   After four profit warnings in just over a year, and with an activist shareholder pushing for change

UASC Sees Big Drop on Asian-Europe Route

Photo by United Arab Shipping Company

 Kuwait-headquartered United Arab Shipping Company (UASC) said that marked drop in Asian imports to Europe, made worse by a strong dollar, has heaped pain on container lines already struggling with massive over capacity, reports Reuters.  

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